Advances in Computational Economics

Price Dynamics in Equilibrium Models

The Search for Equilibrium and the Emergence of Endogenous Fluctuations

Authors: Tuinstra, Jan

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About this book

A long-standing unsolved problem in economic theory is how economic equilibria are attained. Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations considers a number of adjustment processes in different economic models and investigates their dynamical behaviour. Two important themes arising in this context are `bounded rationality' and `nonlinear dynamics'.
Important sub-themes of the book are the following: how do boundedly rational agents interact with their environment and does this interaction in some sense lead to rational outcomes (which may or may not correspond to equilibria)? The second sub-theme deals with the consequences of the nonlinear dynamical nature of many adjustment processes. The results presented in this volume indicate that endogenous fluctuations are the rule rather than the exception in the search for equilibrium.
The book uses the theory of nonlinear dynamics to analyze the dynamics of the different economic models. Due to the complexity of most of the models, an important role is played by computational methods. In particular, at regular instances the models are analyzed by numerical simulations and some computer-assisted proofs are provided. It also covers a wide range of dynamical models from economic theory. Most of these models merge the theory of nonlinear economic dynamics with the theory of bounded rationality. The book is written for anyone with an interest in economic theory in general and bounded rationality and endogenous fluctuations in particular. It is entirely self-contained and accessible to readers with only a limited knowledge of economic theory.

Table of contents (6 chapters)

  • Introduction and Outline

    Tuinstra, Jan

    Pages 1-15

  • A T√Ętonnement Process

    Tuinstra, Jan

    Pages 17-64

  • Perfect Foresight Cycles in Overlapping Generations Models

    Tuinstra, Jan

    Pages 65-90

  • Learning in Overlapping Generations Models

    Tuinstra, Jan

    Pages 91-124

  • An Evolutionary Model of Cournot Competition

    Tuinstra, Jan

    Pages 125-185

Buy this book

eBook $149.00
price for USA (gross)
  • ISBN 978-1-4615-1661-3
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $199.00
price for USA
  • ISBN 978-0-7923-7265-3
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $199.00
price for USA
  • ISBN 978-1-4613-5665-3
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Price Dynamics in Equilibrium Models
Book Subtitle
The Search for Equilibrium and the Emergence of Endogenous Fluctuations
Authors
Series Title
Advances in Computational Economics
Series Volume
16
Copyright
2001
Publisher
Springer US
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4615-1661-3
DOI
10.1007/978-1-4615-1661-3
Hardcover ISBN
978-0-7923-7265-3
Softcover ISBN
978-1-4613-5665-3
Series ISSN
0929-130X
Edition Number
1
Number of Pages
XV, 232
Topics